Dear Vasant,
After going through your query, I understand your concern regarding the One-Time Settlement (OTS) with the bank and all the issues that you have mentioned in the query itself. Allow me to provide you with some bits of advice that might help you out.
I understand that the OTS was agreed upon for 26 Lakhs, with 2 installments of the payment, comprising payments made as 12 Lakhs and 14 Lakhs consecutively. However, the bank deducted only 13 Lakhs from your SB account and retained 1 Lakh.
As per the terms agreed for OTS, the amount has to be fully paid and adjusted by the bank and NOC has to be issued upon completion. The amount of Rs.1 lakh could be retained without its application in settlement either due to a clerical mistake, lien marking, or policy oversight. You can ask the bank for a detailed statement of the transactions made and some clarifications as per Section 13(2) of the SARFAESI Act, 2002, which tends to allow the borrowers to seek an explanation from the bank.
In accordance with the Reserve Bank of India (RBI) Master Circular on Prudential Norms on Income Recognition, Asset Classification, and Provisioning Pertaining to Advances, banks must comply with all the terms that were previously agreed in the OTS. Hence, the demand for additional Rs. 50000 is unjustified and the terms of the agreement are being violated here.
I recommend you file a written complaint with the Branch Manager and take the matter to the regional office if the matter remains unresolved. You can also approach the Banking Ombudsman under the Banking Ombudsman Scheme, 2006, asking for the redressal, if unsatisfied with the support provided by the bank.
Referring to the case of Jayant Vijay Gujar v. Bank of Maharashtra (2017) would be really helpful as this will make a good point for the case.
I hope I was able to clear your doubts. If you need any guidance related to the matter, then please feel free to connect with me on LinkedIn. (www.linkedin.com/in/pankhuri-rastogi-9221b2289)
Thank You.
